UK Green Investment Bank successfully refinances Masdar’s stake in London Array wind farm

"The UK has taken an early lead in realising the promise of offshore wind. A number of domestic and international parties have moved quickly to develop and construct several of the world's largest offshore wind farms which are now operating efficiently and profitably in our waters.

The UK Government has ambitions to go further and to see the development of new projects. For that to happen it is important that those best placed to take early stage development and construction risk can get their money out of operating assets and reinvest it.

GIB's investment in London Array is the third example of our investment strategy to develop a secondary market in operating assets; enabling utility developers to recycle their capital into new offshore wind construction projects."

Shaun Kingsbury
Chief Executive, UK Green Investment Bank

"London Array is an impressive project which has helped the UK earn its position as leading the way in the development of offshore wind. This announcement by the UK Green Investment Bank is an example of how this new institution is helping to attract new capital from around the world and promoting additional private investment into this important sector."

Vince Cable
Business Secretary

"Reaching financial close on a project of this scale and complexity marks another milestone in Masdar's dedication to breaking new ground within the renewable energy sector. London Array is delivering half a million UK homes with clean energy and further reinforcing the UAE's position as a responsible and diversified energy supplier. Masdar is actively engaged in exploring new investment opportunities in the UK's growing renewable energy market, especially in the offshore wind sector."

Dr. Sultan Ahmed Al Jaber
CEO, Masdar

London Array is a 630 MW operational wind farm off the coast of Kent, England.  It is the largest operating offshore wind project in the world, and was inaugurated by David Cameron, UK Prime Minister, on 4 July 2013.  It is owned by DONG (50%), E.ON (30%) and Masdar (20%). Over its lifetime London Array is expected to save 8.5 million tonnes CO₂e.

This is GIB's third investment in offshore wind operating assets. This is a strategy designed to achieve two objectives:

- To demonstrate the attractiveness of investments in operating assets to domestic and international investors with the aim of crowding-in additional new capital; and

- To release capital back into the development and construction phase of new projects.

GIB's other investments in offshore wind to date are Walney and Rhyl Flats. This takes GIB's investment in UK offshore wind to £162 million.